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Topic Review (Newest First)

08-01-2013 10:42 AM

TJC45

Re: Donating my Cal 29 to Charity

Take the 4k and run!!!!

There is no way to know the actual value of a boat this old. And a boat with a mixed bag of improvements and work needed to be done. Granted the boat gave you and your family a lot of good times but to a objective buyer it is what it is. And what it is, is an old boat.

IMO, you are getting in over your head offering financing. Even at full price, 8k ain't a ton of dough. If someone can't come up with that amount they aren't the kind of people you want to be trusting to make payments. Boating on a shoestring budget usually doesn't work out. That, and what are you going to do if they stop paying you? Sue them long distance? How much time and money is that going to take? And if you do sue them how are you going to defend yourself against claims that you defrauded them by misrepresenting the condition of the boat? Of course it's BS!!! It just gets so deep that even hip waders aren't enought to deal with the mire you are setting yourself up for.

I'd take the 4k and consider the rest of whatever you have into the boat as an investment in family entertainment. IOW, money well spent. Then move on.

08-01-2013 10:27 AM

denverd0n

Re: Donating my Cal 29 to Charity

Quote:

Originally Posted by SV Glossa

Every boat has an intrinsic value that is not tied to changes in the market. I think $8K is a good value when you consider what they're getting.

No offense, but just because you think that, it doesn't make it true. If the boat has been on the market for a while, and you haven't found a buyer, then you are asking too much. The market sets the price, regardless of what you might think.

If you need a tax deduction, fine. Of course, the IRS is going to want you to be able to clearly explain how you determined the boats value. I can guarantee you that "I think $8K is a good value" is absolutely NOT going to satisfy them.

If you don't really need the tax deduction, then you would probably be money ahead to accept the fact that the boat is not worth as much as you think, and negotiate a deal with one of those "lowball" buyers.

Good luck, whatever you do.

08-01-2013 08:59 AM

blutoyz

Re: Donating my Cal 29 to Charity

Your boat, your decision.

I think $4-6K is a fair number so you shouldn't be insulted. Sell the Honda for real money and throw the boat up there for $4K without engine.

If, otoh, you're just wanting to donate it bc you're pissed off at people who do not see the "intrinsic value"? Um, yeah, sure. Cut off your nose to spite your face. That's the ticket. Sure it is.

08-01-2013 01:02 AM

HeartsContent

Re: Donating my Cal 29 to Charity

Donating to the Sea Scouts would be really nice if they intend to add it to their fleet and not sell it. It would get great use. I see the local Sea Scouts go out constantly here.

There is absolutely no way you come out financially ahead by donating the boat. You sure aren't hurting the prospective buyers, there's plenty of boats out there.

08-01-2013 12:38 AM

MobiusALilBitTwisted

Re: Donating my Cal 29 to Charity

I have gotten 2 boats form Charity, take the cash pay for your classes,

08-01-2013 12:14 AM

SV Glossa

Re: Donating my Cal 29 to Charity

Thanks - I'm actually taking the CPA exam in two weeks so this may come in handy. Individual taxation is heavily tested.

07-31-2013 11:21 PM

hellosailor

Re: Donating my Cal 29 to Charity

At least a decade ago, the IRS plugged the loopholes of charity vehicle deductions. If you donate a car or boat to a charity today, and they keep it and use it for two years (as Sea Scouts might) then you get the "book" value of the vehicle.

If the charity puts it up for auction and sells it, as most will, you get a receipt showing what they actually sold it for, and that may be peanuts.

Selling the boat to a lowballer and giving the money to a charity might actually work out better, if you're looking to endow a charity. Heck, you could always put in on Craigslist and watch all the money orders from Nigeria come in. (G)

Even if you were somehow able to swing a $8000 tax deduction (which ain't going to happen) you're still only going to net $2000-3000 at tax time. Now, if you're well off and can afford to donate and help out the Sea Scouts, go for it.

07-31-2013 09:50 PM

SV Glossa

Re: Donating my Cal 29 to Charity

If I got nothing for this boat, buying it was still one of the best purchases we've ever made and the memories and the experiences that we've had on her far outweigh what we paid. I'm not really concerned about the tax benefit.

Quote:

Now what are you considering low ball? You say it is worth at least 8,000 but that is what you are asking. If someone is asking 8, I would likely start negotiations at 5 or so

Here's an example of what I consider a low-ball offer. A guy expressed interest about a month ago and after several iterations of time spent emailing back and forth, we finally set up a time for him to look at the boat. He emails afterward, saying he likes it, it's fairly priced, but he lives in Vale during the off-season so he wouldn't have any use for the boat until next spring, but for $4K he would make it disappear.

I don't know if the economy is completely to blame. I often wonder if Craigslist has maybe tipped the scale in favor of the buyer, where negotiations are often carried out via email or text, sometimes before the buyer has even looked at the boat or car. It's very easy to email or text a low-ball offer but I have yet to have someone look me in the eye and offer half of my asking price. But it appears to be effective.

I'd rather not finance but given the choice between $6,000 or $6,000 and a promissory note, it's not a hard decision. There seems to be plenty of interest but I'm running out of time and my give-a-*******'s almost broken. I might wait a week or so but Sea Scouts is sounding like a better option, the more I think about it.

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